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Trump to nominate Treasury official as new head of Small Business Administration

President TrumpDonald John TrumpTrump alludes to possible 2024 run in White House remarks Trump threatens to veto defense bill over tech liability shield Tiger King's attorney believes they're close to getting pardon from Trump MORE on Thursday announced he will nominate Treasury official Jovita Carranza to lead the Small Business Administration, replacing outgoing leader Linda McMahonLinda Marie McMahonApril's dumbest and most dangerous coronavirus declarations Trump convenes sports commissioners in hopes of filling stadiums Senate confirms Trump pick for small business chief MORE.

"Jovita was a great Treasurer of the United States – and I look forward to her joining my Cabinet!" Trump tweeted.

Carranza is currently treasurer of the United States, where she advises Treasury Secretary Steven MnuchinSteven Terner MnuchinPressure builds for coronavirus relief with no clear path to deal Top GOP senator warns government funding deal unlikely this week Overnight Health Care: CDC panel recommends who gets vaccine first | McConnell offering new relief bill | Hahn downplays White House meeting on vaccines MORE, works with the Federal Reserve and oversees the department's Office of Consumer Policy.

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Carranza previously served as the deputy administrator to the Small Business Administration during George W. Bush's presidency. She is the founder of JCR Group, a consulting firm for supply chain management operations.

Her nomination requires Senate confirmation.

Trump and McMahon announced last week that the former pro-wrestling executive would depart the administration, effective April 12, to take a job with a political group supporting the president's reelection efforts.

McMahon, 70, joined the Trump administration from the outset in early 2017 and for two years oversaw efforts to spur small business growth.

She will now serve on the board at America First, a pro-Trump super PAC backing the president's 2020 reelection bid.

Trump and McMahon knew each other previously from her time as CEO of WWE. McMahon helped found the company with her husband, Vince McMahon, and Trump has appeared at WWE events and was inducted into its Hall of Fame in 2013.

"The fact is that I've known her for a long time," Trump said of McMahon as he announced her departure at his Mar-a-Lago resort in Florida. "I knew she was good, but I didn’t know she was that good. She’s been one of our all-time favorites."

Updated at 8:40 p.m.